Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
The Secrets of Starting Business Successfully

The Secrets of Starting Business Successfully

Ratings: (0)|Views: 5 |Likes:
Published by Syahid Sapiuna
Business secrets revealed! Check this out..
Business secrets revealed! Check this out..

More info:

Published by: Syahid Sapiuna on Feb 03, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

11/18/2013

pdf

text

original

 
 ==== ====Business secrets revealed! Check this out..www.businesssecretsrevealed.com ==== ====Starting Business Secrets will help you to start your own business successfully. The American Dream is, and always will be, to come up with an idea, start a business and becomerich from your own efforts. Based upon this motivation, thousands of businesses fail each year,due primarily to not being familiar with the basics involved in running a business. This report will enlighten you, and give you a number of suggestions you can use to betterguarantee your chances for success. This report is written with the warning that any and everybusiness venture contains certain inherent risks, and any number of alternatives. We do notespouse that any one way is the right way or that our suggestions are the only way. On thecontrary, we advise that before investing any money in a business venture, you seek counsellingand help from a qualified accountant and/or attorney. Just about the first thing you should consider before deciding to start or purchase a business is thelegal form you'll be operating under. There are basically four choices: sole proprietorship,partnership, limited partnership, and/or corporation. Each has a number of advantages and disadvantages. We'll try to enumerate some of them foryou. As much as anything else, for many people starting a business is a form of ego-gratification, andthey form a corporation for some sort of prestige gain - just to say, "I own a corporation." With just a little bit of observation, you'll find that one of the major causes of business failures isdue to the founder wasting start-up capital on frills, such as an impressive store- front office,expensive furnishings, and corporate legal costs. One of the basic traits you must develop it you're going to be successful in business, is a tight holdon your expenditures. In fact, a good rule of thumb is that anything that does not make money foryo or protect your investment, should not be purchased at this time. Very definitely, this applies tothe expense of setting up your own corporation. Unless you have a partnership and start your business as such, the only real advantage to forminga corporation would appear to be that a corporate structure will semi-protect the property youpersonally own. As an example, you own a home and car. You form a corporation to protect these possessionsfrom business losses. Yet, if you can be found guilty of misusing corporate funds, your businesscreditors can pierce the corporate shield and come after your possessions.
 
 Basically, if you invest everything you have in your business, as most newcomers do, you don'tusually need a corporation because you have nothing to protect. Your household possessions,personal belongings, generally your car, and even a portion of the equity in your home is protectedby the homestead provision of the Federal Bankruptcy Act, and cannot be taken away from you. As a sole proprietor or partner of a business you'll be paying taxes on your overall earnings, muchthe same as if you were holding down a salaried or hourly paid job. Whether you do or don't takeout money as a salary will have no bearing on the earnings of your business and tax return. The often advertised advantage of incorporating, that you can manipulate your salary in order tosave on tax dollars, is real because of corporation laws. However, the IRS frowns on this practice.When your business is successful and making a lot of money, definitely check with youraccountant on the advantages of incorporating. As a corporation, you'll be subject to a number of other drawbacks as well: generally higher statetaxes, stricter laws concerning the operation of your business, more elaborate accountingprocedures, and legal papers that are required just about every time you make a major move orsign almost any contract. Thus, your legal and accounting fees will be much higher as acorporation than will those required for a sole proprietorship type of business. As a sole proprietor or partnership, you'll find many areas require the registration of your businessname. The cost however, is minimal, ranging from $5 to $100. About the best way to find out whatlaws apply in your area, is to call your bank and ask if they need a fictitious name registration cardor certificate in order for you to open a business account. Selecting a name for your business is quite important to you and particularly relative to advertising.Your business name should describe the product or services you offer. Fancy names such as,Linda's Clipping Service will lose potential "walk-in and passing" customers to the beauty shopacross the street that calls itself, Patti's Beauty Salon or Jane's Hair Styling Shop. The advantage of using your full name in the title of your business, such as Johnny Jones' MeatLockers, has the advantage of making credit somewhat easier to come by - provided you pay yourbills on time - but it also includes the disadvantage of confining your services to a local or at most,a regional area. Should you buy, lease, or rent a space for your business? think twice before you make anydecision along these lines. Most businesses tend to grow quickly or they never get off the ground. There are a few exceptions, but only a very few, that tend to grow at a modified rate. So, buying a piece of property and setting up your business on or within that property, obligatesyou to ownership regardless of what happens to your business. Leases are almost always very strong contracts written by attorneys to the advantage of theproperty-owner. When you sign an agreement to pay someone for the use of their space over anylength of time, you're "nailed in" to paying for that space regardless of what happens to yourbusiness.
 
 In the beginning, it's wise to either get the shortest-term lease possible, or arrange to rent with anoption to lease at a later date. This does not apply to a retail business, unless your particularbusiness happens to be an untried one. Definitely, you should open a business bank account. In selecting a bank for your business, scoutaround and look for one that can, and will help you. Determine what your banking needs will be,and then via telephone, interview the managers of the banks in your area. The importantconvenient bank to your business location. A point to remember: the closer you can make the relationship between you and the bankmanager, the better your chances are going to be for approval on loans and/or special favors youmay need at a later date. Try to become acquainted with as many of the bank employees as possible. The better you knowthem, the more courtesies they'll be extending especially to you in the course of your association. Just as a doctor is a specialist in his field, and you go to him for medical problems, your banker isa specialist in his field and you should go to him for your money problems. In business, you'll haveto learn that everyone is an expert in his own line of work, and in your associations with otherbusiness people, refrain from acting like a "sharpie" and/or pretending that you know exactly howeverything works in someone else's specialty. You'll find that very often, different banks specialize in different types of businesses. As anexample, you're sure to find banks that specialize in real estate transactions, export- importbusinesses, and even manufacturing operations only. What I'm saying here is that if you're planning to sella fairly expensive item, your customers willprobably need and/or want financing. It will behoove you to select a bank familiar with your type ofproduct that will afford your customers, through you, contract financing. Some of the questions you should ask of your banker include the following: Is it necessary to maintain a certain balance in your account before the bank will approve a loanfor you? What qualifications must you have in order to obtain a line of credit with the bank? Does the bank limit the number of loans, or types of loans it will approve for small businesses? What is the bank's policy regarding the size of a check you might deposit that requires holding forcollection? And what about checks less than that amount - will they be immediately credited to your account? In almost all types of businesses, it will be to your benefit to set up with your bank, a method ofhandling VISA, Master Charge, and regional credit cards. The important thing here is to ultimatelyset up your account in the bank that will service all of these credit transactions for you - one stopfor all your banking needs. In most instances, you'll find that having the capability to fillorders/make sales via credit card transactions, will increase your volume of sales appreciatively.

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->